(Image source: eBaoTech homepage.)
eBaoTech Corporation (Shanghai), a global digital solution provider for the insurance industry, announced that it has enhanced its InsureMO platform with the integration of the latest commercial lines rating information from Verisk (Jersey City, N.J.). InsureMO now offers the next generation of Verisk’s ISO Electronic Rating Content (ERCTM) to the U.S. market via API, according to an eBao Tech statement.
eBaoTech describes InsureMO as its platform-as-a-service (PaaS) for insurers, MGAs, brokers, distribution channels, InsurTechs and startups to power and accelerate their innovation and connectivity to the insurance ecosystem. The vendor says the solution can help a range of carriers, from nimble startups to $7 billion insurers. The company reports that InsureMO, has over 300 global implementations, demonstrating it as a proven digital insurance platform.
“We are excited about the alliance with Verisk,” comments Martin Crew, general manager, eBaoTech Americas. “InsureMO PaaS subscribers can leverage the advantages of a secure, cloud-based internet architecture for high scalability and availability, a rich set of microservices and open APIs, and configuration that supports the sales and service of products based on Verisk’s insurance policy programs. I am confident that the alliance will certainly provide value to organizations that use Verisk’s rating information to develop products for the U.S. commercial market.”
The vendor reports that InsureMO now offers on-demand capabilities from Verisk that include country and state layers plus ongoing ISO Circular updates. Verisk customers who subscribe to InsureMO have the ability to access Verisk’s ISO Commercial Lines Program library supported by ERC today, as well as related transaction APIs, enabling them to the following, by eBaoTech’s description:
- Create their own apps and workflow experiences
- Embed Verisk product transaction APIs into any app, channel or distribution ecosystem
- Use InsureMO SaaS app offerings for a full Verisk policy management capability via out-of- the-box user experience
“This alliance with eBaoTech will help insurers boost efficiency and increase speed to market. By integrating the next generation of ERC—our innovative, cloud-based solution—insurers can benefit from automated updates to our commercial lines rating programs combined with a state-of-the-art rating and policy management solution,” comments Mark Sheehan, VP, head of rating solutions, Verisk.